St. Petersburg leaders are preparing to take a closer look at where the city\u2019s economy stands \u2014 and where it could be headed next.<\/p>\n
Mayor Ken Welch and the city\u2019s economic development team will host the State of the Economy event Wednesday afternoon at the Mahaffey Theater. The annual address is meant to provide a snapshot of economic performance, including jobs, business growth and long-term trends impacting residents.<\/p>\n
While many indicators point to continued growth, the picture is more complicated for some families.<\/p>\n
Across the Tampa Bay area, employment remains strong, with more than 1.6 million people working and unemployment around 4.5%, according to federal data.<\/p>\n
At the same time, rising costs continue to put pressure on households. Inflation in the Tampa-St. Petersburg-Clearwater area remains just over 2% based on the most recent data from the U.S. Bureau of Labor Statistics, with higher energy and transportation costs driving increases.<\/p>\n
Housing is also a major concern locally, as Pinellas County home prices are hovering around $400,000, even as the market begins to cool. City leaders have been pushing for more affordable housing options in response, including programs aimed at expanding rental availability and supporting workforce housing.<\/p>\n
Despite economic growth in the region, many families are still feeling the strain. A recent regional report shows nearly half of households in Tampa Bay are considered financially unstable, meaning they struggle to cover basic costs despite being employed.<\/p>\n
Wednesday\u2019s address is expected to focus on how the city can continue to grow while making sure residents aren\u2019t left behind.<\/p>\n
It could also touch on several major issues shaping St. Pete\u2019s future, including what comes next after the Tampa Bay Rays<\/a> leave the city, redevelopment plans for the\u00a0Historic Gas Plant District<\/a> and how the city is preparing for hurricane season<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"St. Petersburg leaders are preparing to take a closer look at where the city\u2019s economy stands \u2014 and…\n","protected":false},"author":2,"featured_media":242601,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[10690,2346,202,204,203,199,201,200,9019,3815],"class_list":["post-295137","post","type-post","status-publish","format-standard","has-post-thumbnail","category-st-petersburg","tag-economic-performance","tag-ken-welch","tag-st-pete","tag-st-pete-headlines","tag-st-pete-news","tag-st-petersburg","tag-st-petersburg-headlines","tag-st-petersburg-news","tag-tampa-bay-area","tag-tampa-bay-rays"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/295137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=295137"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/295137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/242601"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=295137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=295137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=295137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}